Universal check deposit systems and methods

ABSTRACT

Apparatus and methods for supporting a mobile check deposit of a check into a bank account, the check having a first value, the first value being in a first currency, the bank account holding funds having a second currency. The system architecture may include one or more of a mobile phone platform, a shadow account creator module, a mobile check deposit host and/or a shadow account module. The mobile phone platform may provide a user with a selectable display including a plurality of bank accounts in which the check may be deposited, the plurality of bank accounts including the bank account. The shadow account creator may store funds having the first value or a second value, in the second currency, until the check has been cleared by a clearinghouse and/or honored by a drawing bank.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.16/053,979, filed on Aug. 3, 2018, which is hereby incorporated byreference herein in its entirety.

FIELD OF TECHNOLOGY

Aspects of the disclosure relate to providing apparatus and methods fordepositing checks. In particular, the disclosure relates to apparatusand methods for depositing a check having a value in a first currencyinto a bank account holding funds having a value in a second currency.

BACKGROUND

Mobile check deposit has rapidly become a popular method for depositingchecks. Mobile check deposit allows a customer to deposit his checks atany place and time, and saves the customer a time-consuming visit to abrick and mortar bank. Mobile check deposit also helps banks processchecks in an efficient and timely fashion.

In today's globalized economy, it is becoming increasingly common forindividuals to obtain checks drawn on different international banks.Additionally, many financial institutions allow a user to have a firstbank account holding funds in a first currency and a second bank accountholding funds in a second currency. For example, some banks support bothU.S. dollar bank accounts and Canadian dollar bank accounts.

Conventional mobile check deposit systems do not offer their users theoption of depositing a check having a value in a first currency into abank account holding funds having a value in a second currency. It wouldbe desirable, therefore, to provide apparatus and methods for allowing acustomer to use a mobile check deposit system to deposit a check havinga value in a first currency into a bank account holding funds having asecond currency.

SUMMARY OF THE DISCLOSURE

Systems and methods are provided for supporting the mobile check depositof a check into a bank account. The check may have a first value. Thefirst value may be in a first currency. The bank account may store fundshaving a second currency.

The system architecture may include a mobile phone platform. The mobilephone platform may capture an image of the check. The mobile phoneplatform may provide to the user a selectable display. The selectabledisplay may include a plurality of bank accounts in which the check maybe deposited. The plurality of bank accounts may include the bankaccount.

The mobile phone platform may receive a selection of the bank accountfrom the user. The mobile phone platform may create a time stampidentifying a time that the selection was received.

In response to the receiving, the mobile phone platform may transmit arequest to a shadow account creator module to generate a shadow account.

The system architecture may include the shadow account creator module.The shadow account creator module may generate the shadow account and ashadow account identification number. The shadow account creator mayappend the shadow account to the bank account. The shadow accountcreator may transmit the shadow account identification number to themobile phone platform.

The mobile phone platform may transmit a notification to a mobile checkdeposit host. The notification may include the first value, the firstcurrency, the second currency the time stamp and the shadow accountidentification number.

The mobile check deposit host may identify an exchange rate between thefirst and second currency at a time corresponding to the time stamp. Themobile check deposit host may accumulate funds having a second value inthe second currency. The second value may be the first value, in thefirst currency, converted to the second currency using the exchangerate.

The mobile check deposit host may transfer the funds to the shadowaccount. The mobile check deposit host may transmit a first notificationto the user that the funds are in the shadow account.

The shadow account may hold the funds. The funds, in the shadow account,may be inaccessible to the user.

The mobile phone platform may transmit the image to a clearinghouse.

The shadow account may, upon receipt of an instruction from the mobilecheck deposit host, transfer the funds into the bank account and closingthe shadow account.

The mobile check deposit host may transmit a second notification to theuser that the funds have been deposited in the bank account.

BRIEF DESCRIPTION OF THE DRAWINGS

The objects and advantages of the invention will be apparent uponconsideration of the following detailed description, taken inconjunction with the accompanying drawings, in which like referencecharacters refer to like parts throughout, and in which:

FIG. 1 shows an illustrative graphical user interface in accordance withthe invention;

FIG. 2 shows another illustrative graphical user interface in accordancewith the invention; and

FIG. 3 shows an illustrative system in accordance with the invention.

DETAILED DESCRIPTION

Apparatus and methods for supporting a mobile check deposit of a checkinto a bank account are provided. The apparatus and methods may beimplemented on any suitable hardware device, such as a mobile phone,tablet, personal computer, or any other suitable hardware or softwaredevices that supports a connection to one or more communication networks

Systems and methods described herein use a mobile phone application tocapture an image of a check. A customer may, instead, deposit the checkat a brick and mortar banking center, and functions performed by themobile phone platform may be performed at least in part by a checkdeposit platform located in the brick and mortar banking center.

Systems and methods are provided for supporting a mobile check depositof a check into a bank account. The check may have a first value. Thefirst value may be in a first currency. The bank account may store fundshaving a second currency.

In some embodiments the check may be in Canadian dollars and the bankaccount may store American Dollars. In some embodiments the check may beAmerican dollars and the bank account may store Canadian dollars. Thefirst currency and the second currency may each be any other suitablecurrency.

The system architecture may include a mobile phone platform. The mobilephone platform may capture an image of the check. The mobile phoneplatform may provide to the user a selectable display. The selectabledisplay may include a plurality of bank accounts in which the check maybe deposited. The plurality of bank accounts may include the bankaccount.

The plurality of bank accounts may each store a different currency. Twoor more of the plurality of banks accounts may store funds having thesame currency. The bank account may be a first bank account and theplurality of bank accounts may include a second bank account holdingfunds in the first currency and a third bank account holding funds in athird currency.

The mobile phone platform may receive a selection of the bank accountfrom the user. The mobile phone platform may create a time stampidentifying a time that the selection was received.

In response to the receiving, the mobile phone platform may transmit arequest to a shadow account creator module to generate a shadow account.

The system architecture may include the shadow account creator module.The shadow account creator module may generate the shadow account and ashadow account identification number. The shadow account creator mayappend the shadow account to the bank account. The shadow accountcreator may transmit the shadow account identification number to themobile phone platform.

The mobile phone platform may transmit a notification to a mobile checkdeposit host. The notification may include the first value, the firstcurrency, the second currency the time stamp and the shadow accountidentification number.

The mobile check deposit host may identify an exchange rate between thefirst and second currency at a time corresponding to the time stamp. Themobile check deposit host may identify the exchange rate by accessing aninternational exchange rate platform and finding the exchange rate atthe time of the time stamp. The identifying the exchange rate includesmay include querying a foreign exchange rate platform.

The mobile check deposit host may accumulate funds having a second valuein the second currency. The second value may be the first value, in thefirst currency, converted to the second currency using the exchangerate. The mobile check deposit host may accumulate the funds using acurrency exchange platform. The currency exchange platform may offer themobile check deposit host the option of trading funds having a firstvalue in a first currency for funds having a second value in a secondcurrency.

The mobile check deposit host may accumulate the funds by trading fundshaving a third value in a third currency to acquire the funds having thesecond value in the second currency.

The mobile check deposit host may transfer the funds to the shadowaccount. The mobile check deposit host may transmit a first notificationto the user that the funds are in the shadow account.

The shadow account may hold the funds. The funds, in the shadow account,may be inaccessible to the user. The funds held by the shadow accountmay be the funds accumulated by the mobile check deposit host less fees,such as processing fees, exchange rate fees, or any other suitable fees.The fees may be charged by the mobile check deposit host and/or afinancial institution associated with the bank account.

The system architecture may include an online banking portal. After theshadow account has been appended to the bank account, the online bankingportal may display the shadow account and any funds that are being heldby the shadow account. The online banking portal may display shadowaccount information in a view-only format.

The user's bank account balance may or may not include a balance offunds being held in the shadow account. One or more alerts may bedisplayed on, or adjacent to, an online baking portal's graphical userinterface displaying the shadow account, the alerts indicating that thebalance in the shadow account is inaccessible to the user and has notyet been cleared by a clearinghouse and/or honored by a drawing bank.

The mobile phone platform may display to the user a balance of the fundsin the shadow account. The mobile phone platform may include one or morealerts indicating that the balance in the shadow account is inaccessibleto the user and has not yet been cleared by a clearinghouse and/orhonored by a drawing bank.

The mobile phone platform may transmit the image to a clearinghouse.

The clearinghouse may be a clearinghouse that clears funds having thefirst currency. The clearinghouse may be a clearinghouse that clearsfunds drawn on a bank that the check is drawn on.

The clearinghouse may be supported by a first country and the mobilecheck deposit host may be supported by a company located in a secondcountry.

The mobile check deposit host may access historical data of checksdeposited in the second account and, based on the historical data,determining a period of time for holding the funds in the shadow accountafter the check has cleared the clearinghouse.

The mobile check deposit host may query a database storing regulationsfor funds having the second currency and, based on retrievedregulations, determining a period of time for holding the funds in theshadow account after the check has cleared the clearinghouse.

The mobile check deposit host may transmit an instruction to the shadowaccount to transfer the funds to the bank account after the check hascleared the clearinghouse. The mobile check deposit host may transmitthe instruction to transfer the funds after funds having the first valuein the first currency have been transferred from an account on which thecheck was drawn.

The shadow account may, upon receipt of an instruction from the mobilecheck deposit host, transfer the funds into the bank account. After thefunds have been transferred into the bank account the shadow account maybe closed. The mobile check deposit host may delete the shadow accountafter the funds are transferred out of the shadow account and into thebank account. Any display on the user's online banking portal pertainingto the shadow account may be removed.

After the successful transfer of the funds from the shadow account intothe bank account, the mobile check deposit host may transmit a secondnotification to the user that the funds have been deposited in the bankaccount and are now accessible to the user.

In the event that the check fails to clear the clearinghouse, and/or thecheck is not honored by a bank on which the check was drawn, the mobilecheck deposit host may withdraw the funds from the shadow account. Afterthe funds have been transferred out of the shadow account, the shadowaccount may close. The mobile check deposit host may transmit anotification to the user that the funds in the shadow account have beenwithdrawn. The notification may include a reason code stating the reasonwhy the funds have been withdrawn.

Systems and methods are provided for supporting a mobile check depositof a check into a bank account. The check may have a first value. Thefirst value may be in a first currency. The bank account may store fundshaving a second currency.

The system architecture may include the mobile phone platform forcapturing an image of the check, providing to the user the selectabledisplay including the plurality of bank accounts in which the check maybe deposited, the plurality of bank accounts including the bank account,and receiving the selection of the bank account from the user andcreating a time stamp identifying a time that the selection wasreceived.

In response to the receiving of the selection, the mobile phone platformmay transmit the image to the mobile check deposit host.

The mobile check deposit host may transmit the image to theclearinghouse. The mobile check deposit host may identify an exchangerate between the first and second currency at a time corresponding tothe time stamp. The mobile check deposit host may accumulate fundshaving a second value in the second currency, the second value being thefirst value, in the first currency, converted to the second currencyusing the exchange rate.

The mobile check deposit host may generate the shadow account associatedwith the bank account. The mobile check deposit host may transfer theaccumulated funds into the shadow account, the funds being inaccessibleto the user.

The system architecture may include the shadow account for, upon receiptof an instruction from the mobile check deposit host, transferring thefunds into the bank account and closing the shadow account.

Systems and methods are provided for supporting a mobile check depositof a check into a bank account. The check may have a first value. Thefirst value may be in a first currency. The bank account may store fundshaving a second currency.

The system architecture may include the mobile phone platform forcapturing an image of the check, providing to the user the selectabledisplay including the plurality of bank accounts in which the check maybe deposited, the plurality of bank accounts including the bank account,and receiving the selection of the bank account from the user.

In response to the receiving, the mobile phone platform may transmit arequest to the shadow account creator module to generate the shadowaccount.

The system architecture may include the shadow account creator module.The shadow account creator module may generate the shadow account and ashadow account identification number. The shadow account creator mayappend the shadow account to the bank account. The shadow accountcreator may transmit the shadow account identification number to themobile check deposit host.

The mobile check deposit host may transmit the image to a clearinghouse.The mobile check deposit host may receive the first value of the firstfunds directly or indirectly from an account upon which the check wasdrawn upon. The mobile check deposit host may deposit the first value ofthe first funds into the shadow account. The mobile check deposit hostmay deposit the first value of the first funds less fees, such asprocessing fees, exchange rate fees, or any other suitable fees. Thefees may be charged by the mobile check deposit host and/or a financialinstitution associated with the bank account.

The system architecture may include a shadow account module foridentifying an exchange rate between the first and second currency. Theexchange rate may be calculated at a time of the deposit of the firstvalue of the first funds in the shadow account.

The shadow account module may accumulate funds having a second value inthe second currency, the second value being the first value, in thefirst currency, converted to the second currency using the exchangerate. The shadow account module may trade the funds deposited in theshadow account for funds having a value in the second currency.

The shadow account module may trade the funds using a currency exchangeplatform. The currency exchange platform may offer the shadow accountmodule the option of trading the deposited funds having the first valuein the first currency for funds having a second value in a secondcurrency.

After the shadow account module has executed the currency exchange, andfunds having the second value in the second currency have been depositedinto the shadow account, the shadow account module may transfer thefunds from the shadow account and into the account. After the depositingof the funds, the shadow account module may close the shadow account.

One or more functions performed by the mobile phone platform, the shadowaccount creator module, the mobile check deposit host, the shadowaccount and/or the shadow account module may be performed by a differentone of the mobile phone platform, the shadow account creator module, themobile check deposit host, the shadow account and/or the shadow accountmodule.

Functions performed by two or more of the mobile phone platform, theshadow account creator module, the mobile check deposit host, the shadowaccount and/or the shadow account module may be performed by one of themobile phone platform, the shadow account creator module, the mobilecheck deposit host, the shadow account and/or the shadow account module.

Each of the mobile phone platform, the shadow account creator module,the mobile check deposit host, the shadow account and/or the shadowaccount module may be implemented on computer hardware and may use oneor more of a transmitter, receiver, processor, database, or any othersuitable hardware to perform the functions described herein.

Illustrative embodiments of apparatus and methods in accordance with theprinciples of the invention will now be described with reference to theaccompanying drawings, which form a part hereof. It is to be understoodthat other embodiments may be utilized and structural, functional andprocedural modifications may be made without departing from the scopeand spirit of the present invention.

The drawings show illustrative features of apparatus and methods inaccordance with the principles of the invention. The features areillustrated in the context of selected embodiments. It will beunderstood that features shown in connection with one of the embodimentsmay be practiced in accordance with the principles of the inventionalong with features shown in connection with another of the embodiments.

Apparatus and methods described herein are illustrative. Apparatus andmethods of the invention may involve some or all of the features of theillustrative apparatus and/or some or all of the steps of theillustrative methods. The steps of the methods may be performed in anorder other than the order shown or described herein. Some embodimentsmay omit steps shown or described in connection with the illustrativemethods. Some embodiments may include steps that are not shown ordescribed in connection with the illustrative methods, but rather shownor described in a different portion of the specification.

One of ordinary skill in the art will appreciate that the steps shownand described herein may be performed in other than the recited orderand that one or more steps illustrated may be optional. The methods ofthe above-referenced embodiments may involve the use of any suitableelements, steps, computer-executable instructions, or computer-readabledata structures. In this regard, other embodiments are disclosed hereinas well that can be partially or wholly implemented on acomputer-readable medium, for example, by storing computer-executableinstructions or modules or by utilizing computer-readable datastructures.

FIG. 1 shows mobile phone 101. Mobile phone 101 may run the mobile phoneplatform. Mobile phone 101 includes a graphical user interfacedisplaying an image of check 103 captured by the mobile phone platform.

Mobile phone 101 includes a display of the plurality of bank accounts.The plurality of bank accounts includes U.S. dollar account 107,Canadian dollar account 109, Euro dollar account 111 and U.S. dollaraccount 113.

The graphical user interface on mobile phone 101 includes prompt 105.Prompt 105 requests a user to select a bank account from the displayedbank accounts in which to deposit check 103.

FIG. 2 shows illustrative online baking portal 201. Online bankingportal 201 displays account balances of Account 203, Account 205 andAccount 207.

Online baking portal 201 also includes a display of shadow account 209.Shadow account 209 has been appended to Account 203. The display ofinformation relating to shadow account 209 includes the element 211,showing a value of the check being deposited, element 213, showing avalue of the check after being converted into the currency of Account203, and alert 215.

Alert 215 includes a notification notifying the user of online bankingportal 201 that the funds in the shadow account are not yet accessibleand are still awaiting clearance by the clearinghouse.

FIG. 3 shows illustrative system architecture 300. System architecture300 shows exemplary components that may form a system architecturedescribed herein. System architecture 300 also shows exemplarycommunication between the exemplary components that may be utilized toperform the systems and methods of the invention.

System architecture 300 may include mobile phone platform 301. Mobilephone platform 301 may be in electronic communication with onlinebanking portal 313 and mobile check deposit host 313. Mobile phoneplatform 301 may also be in electronic communication with shadow accountcreator module 305.

System architecture 300 shows optional merging 307 of functionsperformed by mobile check deposit host 303 and shadow account creator305.

System architecture 300 may include clearing house 309 and currencyexchange platform 311. Clearing house 309 may be in communication withmobile check deposit host 303. Currency exchange platform may be incommunication with optional shadow account module 317 and/or mobilecheck deposit host 313.

System architecture 300 may include online banking portal 313, shadowaccount 315 and optional shadow account module 317. System architecture300 shows optional merging 319 of functions performed by online bankingportal 313, shadow account 315 and shadow account module 317.

Communication paths illustrated in FIG. 3 are illustrative. Systemarchitectures described herein may include additional, or fewer,communication paths than those illustrated in FIG. 3.

Components of system architecture 300 may each include one or morecomputers, processors configured for controlling operation of associatedcomponents, receivers, transmitters, memory, application(s) and/or data.

System architecture 300 may operate in a networked environmentsupporting connections to the illustrated components. Illustratedcomponents may each be personal computer(s) and/or server(s). Theconnections between the components may be supported by one or more localarea networks (LAN), wide area networks (WAN) 329 such as the internet,and any other suitable networks.

Thus, systems and methods for mobile check deposit system have beenprovided. Persons skilled in the art will appreciate that the presentinvention can be practiced by other than the described embodiments,which are presented for purposes of illustration rather than oflimitation.

What is claimed is:
 1. A system architecture for supporting a mobilecheck deposit of a check into a bank account, the check having a firstvalue, the first value being in a first currency, the bank accountholding funds having a second currency, the system architecturecomprising: a shadow account creator module for: receiving from a mobilephone platform a request to generate a shadow account; generating theshadow account and a shadow account identification number; appending theshadow account to the bank account; and transmitting the shadow accountidentification number to the mobile phone platform; a mobile checkdeposit host for: receiving from the mobile phone platform anotification, the notification including the first value, the firstcurrency, the second currency, a time stamp identifying a time that aselection was received by the mobile phone platform from a user todeposit the check in the bank account, and the shadow accountidentification number; identifying an exchange rate between the firstand second currency at a time corresponding to the time stamp;accumulating funds having a second value in the second currency, thesecond value being the first value, in the first currency, converted tothe second currency using the exchange rate; and transferring the fundsto the shadow account; the shadow account for: holding the funds, thefunds being inaccessible to the user; and upon receipt of an instructionfrom the mobile check deposit host, transferring the funds into the bankaccount and closing the shadow account.
 2. The system architecture ofclaim 1 wherein the mobile check deposit host is configured to transmitthe instruction to the shadow account to transfer the funds after thecheck has cleared the clearinghouse.
 3. The system architecture of claim1 wherein the mobile check deposit host is configured to transmit theinstruction to the shadow account to transfer the funds after fundshaving the first value in the first currency have been transferred froman account on which the check was drawn.
 4. The system architecture ofclaim 1 wherein the mobile check deposit host is configured to withdrawthe funds from the shadow account in response to a determination thatthe check has not cleared the clearinghouse.
 5. The system architectureof claim 1 wherein, when the bank account is a first bank account, theplurality of bank accounts includes a second bank account holding fundsin the first currency and a third bank account holding funds in a thirdcurrency.
 6. The system architecture of claim 1 further comprising anonline banking portal configured to display to the user in a view-onlyformat a graphical user interface including the shadow account.
 7. Thesystem architecture of claim 1 wherein the mobile check deposit host isconfigured to accumulate the funds by trading funds having a third valuein a third currency to acquire the funds having the second value in thesecond currency.
 8. The system architecture of claim 1 furthercomprising the mobile phone platform for transmitting an image of thecheck to a clearinghouse, wherein the clearinghouse is supported by afirst country and the mobile check deposit host is supported by a secondcountry.
 9. The system architecture of claim 1 wherein the identifyingthe exchange rate includes querying a foreign exchange rate platform.10. The system architecture of claim 1 wherein the mobile check deposithost is configured to delete the shadow account after the funds aretransferred out of the shadow account and into the bank account.
 11. Thesystem architecture of claim 1 further comprising the mobile phoneplatform configured to display to the user a balance of the funds in theshadow account.
 12. The system architecture of claim 1 wherein themobile check deposit host is configured to access historical data ofchecks deposited in the second account and, based on the historicaldata, determine a period of time for holding the funds in the shadowaccount after the check has cleared the clearinghouse.
 13. The systemarchitecture of claim 1 wherein the mobile check deposit host isconfigured to query a database storing regulations for funds having thesecond currency and, based on retrieved regulations, determine a periodof time for holding the funds in the shadow account after the check hascleared the clearinghouse.
 14. The system architecture of claim 1wherein the funds held by the shadow account are the funds accumulatedby the mobile check deposit host less processing fees charged by themobile check deposit host.
 15. A system architecture for supporting amobile check deposit of a check into a bank account, the check having afirst value, the first value being in a first currency, the bank accountholding funds having a second currency, the system architecturecomprising: a mobile check deposit host for: receiving an image of thecheck from a mobile phone platform; transmitting the image to aclearinghouse; identifying an exchange rate between the first and secondcurrency at a time corresponding to a time stamp identifying a time thata selection was received by the mobile phone platform from a user todeposit the check in the bank account; and accumulating funds having asecond value in the second currency, the second value being the firstvalue, in the first currency, converted to the second currency using theexchange rate; generating a shadow account associated with the bankaccount; and transferring the accumulated funds into the shadow account,the funds being inaccessible to the user; and the shadow account for,upon receipt of an instruction from the mobile check deposit host,transferring the funds into the bank account and closing the shadowaccount.
 16. The system architecture of claim 15 wherein the mobilecheck deposit host is configured to accumulate the funds by tradingfunds having a third value in a third currency to acquire the fundshaving the second value in the second currency.
 17. The systemarchitecture of claim 15 further comprising the mobile phone platformconfigured to display to the user a balance of the funds in the shadowaccount.
 18. The system architecture of claim 15 wherein theclearinghouse is supported by a first country and the mobile checkdeposit host is supported by a second country.
 19. The systemarchitecture of claim 15 wherein the mobile check deposit host isconfigured to withdraw the funds from the shadow account in response toa determination that the check has not cleared the clearinghouse.
 20. Asystem architecture for supporting a mobile check deposit of a checkinto a bank account, the check having a first value, the first valuebeing in a first currency, the bank account holding funds having asecond currency, the system architecture comprising: a shadow accountcreator module for: receiving a request from a mobile phone platform togenerate a shadow account; generating the shadow account and a shadowaccount identification number; appending the shadow account to the bankaccount and transmitting the shadow account identification number to amobile check deposit host; the mobile check deposit host for:transmitting an image of the check to a clearinghouse; receiving thefirst value of the first funds directly or indirectly from an accountupon which the check was drawn upon; and depositing the first value ofthe first funds into the shadow account; a shadow account module for:identifying an exchange rate between the first and second currency, theexchange rate being calculating at a time of the deposit of the firstvalue of the first funds in the shadow account; trading the first valueof the first funds for a second value of funds in the second currency,the second value being the first value, in the first currency, convertedto the second currency using the exchange rate and less a processingfee; depositing the funds having the second value in the second currencyinto the shadow account; and transferring the funds from the shadowaccount to the bank account.